June 5, 2020
COVID-19 Government Relations Daily Summary
The following includes updates on small business loan opportunities by the Illinois Department of Commerce and Economic Opportunity and a Notice of Funding Opportunity. Federal Updates include information on the President signing the Paycheck Protection Flexibility Act.
STATE AND LOCAL UPDATES
Department of Commerce and Economic Opportunity
Downstate Small Business Stabilization Fund
The Downstate Small Business Stabilization component has been established to provide working capital funds to community’s businesses economically impacted by the COVID-19 virus.The program component makes funds available for 60 days of verifiable working capital up to a grant ceiling of $25,000 and is available for businesses that employ 50 people or less. Number of employees includes the business owner(s). These funds may be used to assist private for-profit small retail and service businesses, or businesses considered non-essential by the Governor’s Executive Order without the ability for employees to work remotely. More information.
Illinois Procurement Technical Assistance Centers
The Illinois Department of Commerce and Economic Opportunity (DCEO) announced a new grant opportunity for the renewal or establishment of new Illinois Procurement Technical Assistance Centers (PTACs) – a statewide network focused on matching small business with governmental entities seeking goods and services that the businesses offer. Through a Notice of Funding Opportunity (NOFO) released, the State will make up to $816,000 available in federal and state funds for new or existing community-based PTACs to offer continued support in helping small businesses become certified so they can identify and obtain contracts with local government and their contractors.
City of Chicago
Department of Revenue
The City of Chicago Department of Revenue announced extended due dates for taxes administered and collected by the City. 2020 annual returns have been extended from August 17th to October 15th. See CDOR Release.
Paycheck Protection Program Flexibility Act of 2020
On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (the "PPPFA") which modifies provisions of the Paycheck Protection Program (the "PPP") as established under Section 7(a)(36) of the Small Business Act by the CARES Act (forgiveness governed by Section 1106 of the CARES Act). See summary of H.R. 7010.